FirstBank is first regional FI to offer mobile bill payment
Denver-based FirstBank is about to roll out a mobile photo bill-pay solution that lets customers pay bills and add payees by snapping a photo of an invoice with smartphones, American Banker reports. FirstBank will become the first U.S. regional bank to launch such a service.
According to the site, the bank, with 115 locations in Colorado, Arizona and California, has long chosen to invest in technology. It has developed its own core banking software, and 12 percent of its employee base of about 2,100 works in IT.
A bank spokesman said in-house application development gives the FI more control over its applications and lets it respond more quickly to market demands. The higher salary costs, he said, are offset by not paying a vendor for core banking services.
The new mobile bill-pay solution, developed with Mitek's MiSnap capture technology, will roll out in Q1 of 2014.
FirstBank has offered mobile Web access to banking services for three years, with good response, and launched its first mobile banking app last month, American Banker said.
Learn more about bill payment and mobile banking.